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Bank, Suspension in New Orleans. NEW ORLEANS, March 18.-The Southern Bank has suspended. Depreciation in securities, especially consolidated city bonds, is assigned as the cause. Mr. Thomas Teyton, the president, expresses the belief that depositors will eventually be paid in full.
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P P Bank Suspension. NEW ORLEANS, March 18.-The Southern Bank has suspended. -
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LOUISIANA. NEW ORLEANS. March 18.-The Southern bank has suspended. Fire.
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The Southera Bank at New Orleans has SGSpended. Depreciation in securities, especially in consolidated city bonds, is assigned as the cause. Mr. Thomas Layton. the president, expresses the beliefthst depositors will eventually be paid in full..
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LOUISIANA. Suspension. NEW ORLEANS, March 18. The Southern Bank has suspended. The president expresses the belief that depositors will eventually be paid in full.
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Wyman's paper mill at Westminster Narrows was burned yesterday, the machine room being saved. Loss about $10,000; insured $5000. The Southern bank at New Orleans has suspended. The president expresses the belief that the depositors will eventually b9 paid in fall.
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NEW ORLEANS, March 18.-The Southern bank has suspended.
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The Suspension of a New Orleans Bank. NEW ORLEANS, March 18.-The Southern Bank has suspended Depreciation in securities, espe. cially in consolidated city bonds, is assignad as the cause
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DANA DUSPEND TEMENT OF ITS CONDITION. 's Appointed-Who are the ferers. lay morning, shortly after the the Southern Bank suspended and was taken possession of by Iff, under an order from the Fourt Court, issued in an amicable suit by Mr. C. E. Girardey for the t of receivers. nk has been considered shaky e past, and in consequence has e commercial business. It sphere s been more that of custodian charitable associations than that exchange, and consequently its vill not materially hurt the busines ty, and for this reason, also, the other banks will not be affected efore no apprehension in regard ntertained. ncipal sufferers will be beneficiarie ritable funds which the bank 13 dition of the institution on March tement published in the DEMOCRA shows the total liabilities to 5, and the assets $1,013,161 20. f assets, however, includes six seventy odd thousand dollars in bonds, which.i sold at their , on the day the statement uld not have brought more that dred and seventy odd thousan aking a difference of $400,000, redue sets to $613,000 and leaving a defici 3 15, and if the judgment of the city re the Supreme Court, be added, ase the liabilities and consequenti; '000'98$ 1 r this difference of $345,058 15 $334,500 of what is called dead weigh te, long loans, etc.,), whose not at present be estimated. ectors of the bank think that its 3 such that they could have pulle f it had retained the public conti : they appreciated the fact that they stand a run. and at the first in , they determined to suspend opera hat the interest of none of the ould be jeopardized, and to further hem they took the proceedings er which the seizure of the bank I which were as follows: tition of C.E. Girardey, filed in strict Court, averring that he ome time past keeping an individual ith the Southern Bank; that on 1 day of March, there being to he bank about one hundred dollars ew his check for the said amount nted it to the paying teller of who declared, in the name of ; the same could not be paid; that , paramount conditions of the law ch the bank was created, organized een doing business, is that it should y pay all checks of depositors, and ilure of the bank to pay relator's an act of insolvency which deter: forfeiture of its charter, and that interest of all parties concerned charter be declared forfeited, and $ of the bank liquidated; that the ff be ordered to take possession of of the bank; that three commisat once appointed to liquidate the aid corporation; that an inventory 1 to be taken by a notary public of ets of said bank; that appraisers ted to value the same, and that, g possession of the said assets, the T be ordered to deliver the same issioners appointed, who shall he same under the direction of it an attorney be appointed to , creditors and stockholders of the nt from the State, and that all against said bank be stayed. and
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THE BANKS. HOW THE ACTION OF THE CLEARINGHOUSE WAS RECEIVED. Talk of Depositors About the Southern Bank. Theaction of the Clearing-House in deciding to allow no checks against deposits for a greater amount than $200 for the next nine days was decidedly unexpected and created no little consternation for a short time, particularly among a certain timid and excitable class of depositors, who at the outset regarded the move a3 preliminary to a complete suspension. On sober second thought, however, it was generally agreed that, though the action was somewhat, if not wholly, revolutionary in its character, and great temporary inconvenlence would result from it, still it was the best and most proper thing which could be done under the circumstances, as it will enable all the banks to call in their outstanding credits and other resources, and be able to meet any and all demands made upon them at the expiration of the time fixed, without sacrificing any of the assets, which they would have been compelled to do to meet and withstand a rush. As the matter came to be viewed in the right light, there was a noticeable decrease in that feverish excitement, which has prevailed in business and financial circles for several days past, and people who had been viewing the situation with considerable anxiety breathed easier, satisfied that the panicky feeling was dying out, and that as soon as the banks resumed regular business, trade would travel smoothly and quietly on in its old channels. The city banks have already called on the banks in other portions of the country for their balances, and it is said that there is between three and four million dollars on their way to this city, which, with the amount already on hand, will be sufficient for all contingencies which may arise. The cash, it is expected, will be here within the next ten days; just in time to permit all the banks to resume payment on demand, and before some enterprising lawyer shall have time to influence depositors to sue the bank, file the petition, and overcome the legal delay of ten days allowed to all defendants to make answer to a legal demand. At all events, in case any legal demand were made of a bank, the defendant would have fully ten days to pay the claim, and would probably settle at the end of that time rather than be placed in jeopardy, for the amounts that might be sued upon during even a fortnight would be comparatively small and easily provided for, although the expected $3,000,000 might not have reached here from New York within that time. At the meeting of the bank officers on Wednesday night, it is said that the proposition of suspending was not unanimously entertained at first, the president of the Canal Bank, particularly, objecting to the adoption of such a step by the meeting, saying that his bank was perfectly able to meet the demands of all its depositors, and yesterday it was notoriously known that both the Canal Bank and the Louisiana National Bank honored all checks presented to them for payment. There was considerable talk among the depositors of THE SOUTHERN BANK yesterday about the difference between the amount of deposits on the day the statement of the institution was prepared and the balance remaining when the bank closed its doors the difference being about one half. That is, the statement on March 1 shows six hundred and odd thousand dollars due depositors, and when further payment was suspended, this amount had, it is said, been reduced one half. What the depositors want to know is, who got all this money which was drawn out in just eighteen days, and in what manner it was drawn. And on these subjects there is considerable speculation and many rumors. There is considerable complaint against the three receivers appointed by the court, for two reasons is that they are the officers of the bank who have managed its affairs until the cessation of business, and the other is that their interest in the deposits are very small, the largest balance of any of the three being, as stated, not over $400 There was a meeting of the depositors, yesterday to take measures to protect their interests. Their proceedings were private, but it is very probable that all the matters as above set forth were considered, and that the action in reference to them, if there was any, will be made public at the proper time and place.
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Financial Panic in New Orleans. NEW YORK March 20 -The immediate cause of the monetary panic in New Orleans can be traced to the failure of the Southern Bank and Mechanics & Traders' Bank, but there are others and more important reasons tor the existing states of affairs in New Orleans. The bonds of that city have greatly depreciated in value of late in consequence of non-payment of interest and somewhat demoralized the condition of the city's finances. The Southern bank which recently went under is understood to have had its capital invested in these bonds. Again the non-payment of interest in Louisiana consols has caused Jarge shrinkage in the market value, say from 85 to 40, within the past two months. These bonds were speculated in very extensively in New Orleans, and many banks there held them either for accounts or as collateral for loans The decline in their securities has been 80 great that parties borrowing on them could not keep their margins good, and in some cases the banks have become forced owners of the bonds. New Orleans banks today telegraphed their New York correspondents for currency to help them out, and money will go forward to night.
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LOUISIANA. Financial Difficulties. NEW ORLEANS, March 20. Owing to a run on small banks, the clearing house passed a resolution this forenoon to suspend payment by other than certified check for ten days. The immediate cause of the run is believed to have been the suspension of the Southern Bank and Mechanic and Traders' Bank. Quite a panicky feeling prevails. All the clearing house banks have resolved not to pay on checks more than $200 to any one depositor on any one day till the 29th. NEW YORK. March 20. The immediate cause of the monetary panic in New Orleans can be traced to the failure of the Southern Bank and the Mechanics and Traders' Bank, but there are other and more important reasons for the existing state of aftairs in New Orleans. The bonds of that city have greatydepred inted in value of late, in consequence of the non-payment of interest and somewhat demoralized condition of the city finances. The Southern bank, which recently went under. is understood have had its capital invested in these bonds. Again, the non-payment of interest on the Louisiana consols has caused large shrinkage in their market value, say from 85 to 40, within the past two months. These bonds were speculated in very extensively in New Orleans, and many banks there held them either for accounts or as collateral for loans. The decline in these securities has been so great that parties borrowing on them could not keep their margins good, and in some cases banks have become forced owners of the bonds. New Orleans banks to-day telegraphed their New York correspondents for currency to help them out, and money will go forward to-night.
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The New Orleans Banks. New YORK, March 21.-The New Orleans banks have been severely crippled by the decline in all Louisiana securities, or in securities, as they are termed here, though the Southern Bank, which was the first to tumble, was broken by the drop in city bonds. It is intimated that the government will wind up the suspended National Banks in New Orleans, for suspended they virtually are, being unable, as they are required by the national law, to meet their deposit liabilities on demand. But it may be doubted whether extreme measures will be resorted to at once. Comptroller Knox has been lenient with banks at the North under similar circumstances, and in treasury circles here it is held that mild measures rather than harsh ones will rule in the present case. Money was also sharpened, as this New Orleans drain was an unexpected one on our banks, and came at a most inopportune moment. Louisiana consola fell to 48 on the news, then sold up to 491, and then at 48 again, seller 30 days; the sales were about $100,000.
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The Southern Bank, of New Orleans, suspended on Tuesday last, and on Wednesday the Mechanics' and Traders' Bank suspended, Next?
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Dillon of the United States Circuit Court has decided to be invalid, because their issue was not specifically authorized by the city's charter. He intimates, however, that the city can be made to refund the money received for such bonds, and he affirms the validity of certain other bonds issued in renewal of bonds given in payment of stock in gravel roads subscribed for by the city under a general act of the State of Missouri. In confirmation of the point which has been frequently urged by THE SUN against the inflationists of the West and Southwest, that what that otton of the country needs is not an increase of the national currency. but better credit on which to borrow the money already in existence, we find the Hon. Randall Gibson of Louisiana saying to a Herald correspondent: "I have an estate of nearly ten thousand aeres, with seven houses and machinery, ready for the plough. and the colored people have remained upon it. cultivating small patches: but, while it would require $50,000 to put it in operation, I could not at any time raise $10,000 secured by a mortgage upon the whole of it in the last ten years. and I should have been compelled to pay a ruinous rate of interest. It has lain idle. This is the condition of hundreds of planters, What we need is credit: we have the lands and labor. but no money and no credit." The Southern Bank of New Orleans, the failure of which led to the prevailing suspension of the other New Orleans banks, holds $611,000 of the new consolidated bonds of the City of New Orleans, on which there is $111,000 due for unpaid interest. It has, besides. $172,000 seven per cents, on which there is accrued interest of $44,000. The total cash value to-day of these nominal assets of $938,000 is something like $225,000. When the bank closed its doors the assets on hand at the present market value were about as follows: Currency and gold, $115.000: city securities, $221. 000: bank building, 40.000; State bonds, $37,000: other assets. $100,000-n total of $513,000. The liabilities amount to $782,000. so that the creditors will get at least 70 cents on the dollar. The Consolidated Virginia Mine in Nevada has raised during the last six years 682.385 tons of ore, yielding $26,000,000 of gold and $34,000,000 of silver, and has paid out $41,000,000 in dividends. The California mine, in the same region. raised in the last four years 486.244 tons of ore, yielding $21,500,000 of gold and $21,500,000 of silver, and has paid out $30,000,000 in dividends.
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THE NEW BLEAN - FAILURES AND NEW YORK SHARP PRACTICE. The New York and other newspapers recognize that the recent financial occurrences in New Orleans were due purely to local causes; therefore, there, as in Memphis, not a ripple of inconvenience occurred in the way of transacting business. Here exchange with New Orleans follows uninterruptedly the usual course. In St. Louis all risk is on the holder of exchange. The New Orleans Picayune, of Saturday, says, in plain terms, of the Southern bank that, though trusted by the public, the president, directors and others in a position to know the undercurrent of waters, were aware of its want of solidity. The result, in connection with the failure, is so plain, the Picayune says, that it must appeal to the lawmaking power for remedial legislation. It transpires now that there are privileged creditors who will swallow up nearly all that 18 left of the wreck. The bulk of the assets have been hypothecated to bankers in New York and London. These creditors were at first secured by city consolidated bonds, but as these depreciated margins were called for, and they now hold sufficient to reimburse themselves every dollar they have loaned. As the money of the people was taken in on deposit at the counter, it was sent to London I and New York to privileged creditors, and the former are now left nothing but a few very small bones to pick. To make the matter worse, these privileged creditors are the proprietors of the bank. They are the print cipal stockholders. The Chemical bank of New York, for example, holds one-eighth of fi the stock of the Southern bank, and is one of its principal privileged creditors. Its faith in the consolidated bonds of New Orleans, which were pledged to it years ago, was not suffi0. ciently strong to prevent it from calling for o margins with each drop in the market value. th Its losses as a stockholder, too, were being d made good by the steady stream of additional p collaterals which poured into its coffe These Ξ ca stockholders were the proprietors, and kept in the mill running in New Orleans as a specuW lation. They lost nothing by the skrinkage of M the bonds, and had everything to gain by a fro ne rise. A ltogether it was a very comfortable little
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-THE Southern Bank, and the Mechanics' and Traders' Bank, both of New Orleans, and for many years two of the most reliable banking institutions in the State, and heretofore considered solvent, suspended and went by the board last week, and great financial excitement was caused by this unexpected calamity. The paying teller of the latter Bank, M. A. Huard, committed suicide on the strength of his bank's stoppage.
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agreement he would request Judge H. D. Ogden, one of the committee, to state what had transpired between himself and the commissioners. Judge Ogden took the floor and stated that the committee felt that its first duty was to get possession of the books and assets of the bank by the appointment of new commissioners, and the cheapest and best way to do this was amicably If possible. Accordingly, he had called at the bank and had seen Messrs. Layton and John T. Moore, and had represented to them the condition of affairs, the opinion of the public and the feelings of the depositors, and both gentlemen had expressed a willingness to resign, but said that they desired to consult with the other commissioner, Mr. C. E. Girardey, and their counsel. This was but just and proper, and he agreed to await the result of the consultation. Messrs. Girardey and Bermudez (the latter the counsel of the gentlemen) were sent for, and on their arrival the matter was presented and discussed. A number of objections were raised (not by Messrs. Moore and Layton, however,) and overcome, and at last all three gentlemen agreed to resign, on condition that the new commissioners appointed to take their places should be satisfactory to them. This was considered a just and equitable demand and it was conceded, and the speaker suggested several names, among others that of the chairman of the meeting, Mr. Henderson, who was accepted. It was suggested that in the matter there were two parties interested, the stockholders of the bank and the depositors, and on the board of liquidators there should be a representative of each, and the third man chosen should be one in no manner interested. This was acceptable, and the speaker retired, It being well understood that the only question still to be determined was who were to be the commissioners. This (Tuesday) morning the speaker had called at the bank, but found Mr. Layton alone. That gentleman told him he was going to see Mr. Bermudez and wanted him to accompany him. The invitation was declined. Later in the day Mr. Layton was again seen, and on this last occasion informed the speaker that Mr. Bermudez had advised that If the commissioners withdrew they would admit that they had been at fault and it would look bad, and therefore there would be no resignations, and thus the matter ended. Mr. McGloin submitted the agreement, which provided for legal proceedings to unseat the commissioners and for an assessment of 1 per cent on the amount on deposit for lawyers' fees and expenses of court, payment of expenses and fees exceeding this to be contingent on the amount realized from the assets of the bank. The agreement was signed by a number of those present, and it Was announced that the paper would be placed at the office of Mr. McGloin to-day, where all who desired so to do could attach their signatures. The following RESOLUTIONS, offered by Mr. Victor Sere, were referred for action to a committee composed of Messrs. Sere, Henderson and E. Doherty. Whereas. C. E. Girardey. Esq., proceeded to force the liquidation of the Southern Bank. at the request of the president and directors of said bank: and Whereas. Thos. Layton and John T. Moore were acting as directors thereof when the suspension of the bank occurred: and Whereas. said persons are BA incapable to 11quidate as to manage the affairs of said bank: and Whereas. they are now to render the account of their management to themselves; Be it resolved, That we hereby declare all of said nominations as highly improper, and that we deprecate the refusal of said parties to tosign their trust as commissioners to liquidate said bank. Resolved, That we elect two attorneys to take charge of our Interest, whose duty it shall be to proceed to the fullest extent of the law. The meeting adjourned subject to call,
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THE NEW WORLD. THE National House of Representatives was organized, on the 18th, by the election of Mr. Randall as Speaker; Mr. Adams as Clerk; Mr. Thompson as Sergeant-at-Arms; Mr. Field as Doorkeeper; Mr. Stewarta Postmaster, and Rev. Mr. Harrison as Chaplain. These were the officers of the last House. Mr. Randall received 144 votes. A SCIENTIFIC examination of the sulphur, which fell in the shower over the Lehigh Valley, the other day, proves it to be the pollen from a species of pine, caught up on the wind and carried from*the Jersey forests. THE President sent in the following message to Congress on the 19th: FELLOW-CITIZENS OF THE SENATE AND HOUSE OF REPRESENTATIVES: The failure of the last Congress to make the requisite appropriations for legislative and judicial purposes, for the expenses of the several Executive Departments of the Government, and for the support of the army, has made it necessary to call a session of the Forty-sixth Congress. The estimates of the appropriations needed, which were sent to Congress by the Secretary of the Treasury at the opening of last session, are renewed. and are herewith transmitted to both the Senate and House of Representatives. Regretting the existence of the emergency which requires a special session of Congress at a time when it is the general judgment of the country that public welfare will be best promoted by permanency in our legislation, and by peace and rest, I commend these few necessary measures to your considerate attention. RUTHERFORD B. HAYES. (Signed) WASHINGTON. March 19. 1879. A HAVANA (Cuba) dispatch of the 19th says the British steamer Bolivar had collided with the Haytien steamer Michael, in West Indian waters, and that the latter sank, and sixty persons were drowned. Two MEN were instantly killed and four seriously injured by a premature explosion of dynamite in the Pottsville (Pa.) Colliery, on the afternoon of the 19th. A TRIANGULAR shooting affray occurred at Vicksburg, Miss., on the night of the 18th, which resulted in the instant killing of Capt. W. H. Andrews and W. L. Greene, and the fatal wounding of Capt. W. F. Fitzgerald. The trouble arose over an election of officers in the Hiternian Society. REV. DR. DEKOVEN, of Racine, a distinguished Episcopal divine, died on the 19th, from apoplexy of the heart. Dr. DeKoven was once elected, by the Diocesan Convention, Bishop of the Diocese of Illinois, but the Standing Committees refused to confirm the choice. ON the 19th, Surrogate Colvin rendered a decision affirming the validity of the late Com. Vanderbilt's will. It was stated that the contestant would appeal. A HOUSE a few miles from Ponca, Nebraska, was burned a few days ago, and Mrs. Bigley, ninety years old, perished in the flames. ON the 20th, the Republicans of Rhode Island met in State Convention and renominated the present State officers. The State Convention of the Democracy was also in session and nominated Thomas W. Logan for Governor; J. D. Bailey for Lieutenant-Governor; David S. Baker, Jr., for Secretary of State, and Charles H. Page for Attorney-General. AGENERALCOURT-MARTIALhas been ordered for the trial of Col. Stanley, of the Twenty-Second Infantry and Col. Hazen, of the Sixth Infantry. The Southern Bank of New Orleans, the oldest bank in the city, failed a few days ago, and was placed in the hands of receivers. The amount of loss involved is stated to be $700,000. The Mechanics' and Traders' Bank followed suit, and, as soon as the facts became known, a panic ensued, and a run was precipitated, the objective points being the Canal, Louisiana State, Germania, Union and People's Banks. On the 20th, the Clearing House, as a measure tending to allay the excitement, passed a resolution declaring until March 29 no depositor should draw out more than $200 in one day, and that all other drafts should be paid in certified checks. The following is a list of banks whose temporary suspension was announced on the 20th: Germania National; Hibernian National; Louisfana National; Mutual National; New Orleans National; State National; Union Na. tional; Bank of La Fayette; Citizens' Bank of Louisiana: Citizens' Savings Bank; Lou-
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The banks of New Orleans have resumed payments. The New Orleans Savings, the Southern, and the Mechanics and Traders, have failed and their assets have been placed in the hands of receivers.
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NEWS OF THE CITY. THE BROKEN BANKS. "Their Present Condition and Prospects for the Future. The excitement and clamor which followed the failure of a few of our local banks in the early part of the current year has BO subsided that the liquidators now flnd little trouble in pursuing their work. The depositors have either resigned themselves to a certain loss, or concluded philosophically to await the result of events, but they no longer congregate In the banks and ply the officers with Interrogatorios. Occesionally one of them drops in to ascertain what the future may have in store, but they seek information rather than to complain. During the past couple of months Mr. W. 0. Black has been administering the affairs of the Savings Institution on Canal street, his fellow-receiver, Mr. J. H. Oglesby, belog absent. This bank paid 16 per cent Immediately after the suspension, and has sold someten or eleven pieces of property, which, with the redemption of mortgages now going on. will probably enable them to pay another 25 per cent by the first of the new year. There are yet some outstanding mortgages that will probably be paid, and some that It will be necessary to foreclose and sell, and on the whole the depositor will be doing well if be receives an aggregate of 60 per cent on his book. To those who are in immediate need the bank Issues certified checks for the coming 25 per cent, and these have been sold at as birth as 95. The bank building would have been sold long before this, but It was found that & fair price could not be realized upon it, and It was accordingly retired for a more onportune occasion. The Southern Bank is in the hands of the commissioners appointed by the court, who expect to be able to pay 5 per cent as soon as the necessary authority 18 obtained from the court. This bank owes $376,000 to depositors and about $175,000 to other banks. There is now to eight about $150,000, and the ultimate amount realized will be contingent on the deelsion in the consolidated city bond case. Should this be decided in favor of the bank, the entire assets will sum up about a million dollars. but until a decision 18 renobed everything will be vague and uncertain. In this connection It may be mentioned that Mr. Thomas Layton, the late president, is now in Bau Francisco, holding the position of supervisor of the London Joint Stock Banking Company in that city. An expert has recently been appointed to examine the books and papers of tue Louistaua Savings Bank, on Camp street, and It is understood that the commissioner will make a public statement as soon as he shall have compiled his reports, giving all the details and fixing the responsibility. It Is understood, however, that the bank will soon be in & position to meet its Indebtedness to the depositors.
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THE SOUTHERN BANK. NEW ORLEANS. March 2, 1880. To the Editor of the Democrat: I am desirous that you should have the exact facts In connection with the action brought against the liquidators of the Southern Bank by the London Joint Stock Bank, that you may make such public reference to It as you see flt. believing that you will take the same view of the matter as I do. The primary circumstances are 08 follows: To secure a running exchange credit with the London Joint Stock Bank, of which we can find no exact limit or line. the Southern Bank transferred to the English bank. under pledge. about four hundred and fifty-two New Orleans consols. This transfer was made many years ago, and until the passage of the premium bond not the Interest on these bonds was reguarly paid in New York and London, The English bank invariably credited to the running account of the Southern Bank such collections of Interest and allowed interest on said credits. as evidenced by regular accounts current rendered by the London bank to the Southern Bank, which accounts we now have among the papers of the bank. This evidence clearly establishes the fact that the payment of Inter St on the bonds was recognized by the London bank as property belonging to the Southern Bank. It is further Induced by the fact that they allowed the Southern Bank Interest on the credits and obarged Interest on all sume paid out for account of the Nouthern Bank. Upon the passage of the premium bond set the city ceased paying for erest on the consolidated bonds of 1852. in order to force holders of that debt to fund It In premium bonds, The administration of the late Nouthern Bank, having profound faith in their final ability to establish a preference In favor of the debt of 1852, sued to compel the city to levy 8 tax to pay the Interest on the bonds. The suit le still pendIng. and not likely to be reached In less time than two years. The policy of the city convinced many that the Interest on the consolidated debt would never be paid and the coupons on the bonds became worthless, and were BD pronounced, and the London Joint Stock Bank, years ago, returned to the Southern Bank the unpaid coupons BB worthless and uncollectable, and the Southern Bank received them BB their own property and placed them to the debit of their "bills receivable.' and locked them up In A tin box to their vault. marked coupons and bills recelyable, belonging to the Bouthern Bank and when the bank falled In March. 1879, said box was opened and Inventoried by the sheriff as 'property belonging to the Southern Bank." and BB such was Inventoried to the liquidators of the Southern Bank appointed by the honorable Fourth District Court of the parish of Orleans. which court was selsed of jurisdiction In the matter of the insolvency of seld bank bank doing bustness under the free banking law of Louistana, This property was approved by the appraisare appointed by the Fourth District Court as worthless" (all these facts are of record In the archives of the Fourth Court) and were delivered to the liquidators BB worthless property of the Nouthern bank, and receluted for as such by them. We held these coupons-not thinking they would ever be of any value. but after workIng at them, we found they could be sold for a price, and about three months ago we procured an order of court, from the only court having jurisdiction. and by which we were appointed the (Fourth District Court. Judge W. T. Himston), for the sale of these coupons, and they were sold to the highest bidder at public outery at the New Orleans Stock Exchange at full board. and the money deposited and accounted for, to our tableaux prosented In court. in which we ask for permission to distribute the money. with other moneys collected, equally among the legally recognized creditors of the bank. Now at this late day. the London Joint Stock Bank. reta up A claim to these coupons and brings a suit against the liquidators of the Bouthern hank f $75,000. The suit is brought in the United states Court. OBSERVER.